EUROS

摘要

On Tuesday last week, spain sold a total of €3.076bn across three and five-year maturities, through the upper end of the expected €2bn-€3bn range. The fill on the three-year, the 2.1% April 2017, was €1.525bn, which came with a cover of 2.1:1 - slightly up on the 2:1 seen at the last auction of this issue on June 5. The cover on the balance on the five-year, the 2.75% April 2019, came in at 2:3, versus 1.9 at the last tap, also on June 5. Given the smaller size of these taps, though, higher bid-to-cover ratios were only to be expected. Average yields on both were 1bp through the offered side of the market as the bidding deadline expired. Tails were also lower than at the previous taps of these issues. That all indicated some minor real investor demand, which was mainly down to relative value plays given that Spanish yields were only just above euro-era lows going into the sale.